Dragon Payments Ltd., which was formerly known as the London Block Exchange (LBX), shut down its operations late last week with an announcement that it is being liquidated after a “winding up order” (a court order that forces an insolvent company into obligatory liquidation) that was placed against the company on January 31st.
The announcement, which has entirely taken the place of LBX’s main site, said that Paul Cooper and Paul Appleton of David Rubin & Partners were appointed as Joint Liquidators on February 4th by the UK’s Secretary of State.
“The Joint Liquidators and their team are working toward resolving customers’ concerns, including the recovery of any sums owed, as a matter of priority,” the announcement said, providing contact details for the liquidators. “We will endeavour to provide a further update as soon as possible.”
Dragon Payments Limited – in Compulsory Liquidation (formerly known as London Block Exchange Limited)
Company number – 10966096 pic.twitter.com/zNZIxDsATu
— LBX (@LBXSocial) February 7, 2020
Around the same time, users began posting online that they were unable to withdraw their assets from the exchange. However, LBX appears to have denied that anything serious was happening.
In response to a user’s Reddit post 11 months ago, a representative of LBX wrote that “the exchange is currently undergoing a period of maintenance and as a result, a few features…have been taken offline.”
“This period of instability has lasted much longer than we had expected and consequently, the service that we’re currently providing is falling short of our, and our customer’s, expectations,” the representative wrote.
Finance Magnates reached out to Benjamin Dives, who did not respond immediately for comment. Comments will be added as they are received.